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CSFB Ousted CEO
Amid Government Probe

By

Charles GasparinoStaff Reporter of The Wall Street Journal

Updated July 12, 2001 1:17 p.m. ET

NEW YORK -- Credit Suisse First Boston ousted Allen Wheat, its chief executive, amid a continuing government investigation of the firm's initial public offering practices and replaced him with one of Wall Street's most prominent players.

John Mack becomes CEO of the big securities unit of Switzerland's Credit Suisse Group. Mr. Mack, 56 years old, is a highly regarded executive who was president of rival Morgan Stanley until January, when he left after losing a power struggle with Chairman and Chief Executive Philip Purcell.